Corazon Mining (ASX:CZN) has hit shallow, high-grade nickel in the first two holes of a seven-hole drilling program at its Lynn Lake nickel-copper-cobalt sulphide project in Canada.

Corazon shares briefly climbed as much as 25 per cent this morning on the news before edging back to yesterday’s closing price of 0.4c.

 

The top result was a 21.05m interval grading 2.47 per cent nickel, 0.66 per cent copper and 0.07 per cent cobalt from a depth of 24.4m within a broader intersection of 37m at 1.71 per cent nickel, 0.68 per cent copper and 0.05 per cent cobalt from 10m.

The drilling has highlighted the presence of near-surface high-grade mineralisation around Lynn Lake’s existing resources and historical mines.

Both holes targeted areas around the A Orebody, which is covered with infrastructure from the A Shaft and processing plant area within the Lynn Lake mining centre.

Results from other holes targeting both the A Orebody and E Orebody are expected this month.

The company added that several other near-surface deposits within the project were yet to be considered for drilling.

Corazon shares briefly climbed as much as 25 per cent this morning on the news before edging back to yesterday’s closing price of 0.4c.

Over in Bosnia & Herzegovina, Adriatic Metals (ASX:ADT) has extended known mineralisation at its Rupice polymetallic project with more high-grade hits.

Drilling to the south of the existing resource returned results of 11.3m grading 4.37 grams per tonne (g/t) gold, 406g/t silver, 16.1 per cent zinc, 9.8 per cent lead, 1 per cent copper and 50 per cent barite from a depth of 244.7m.

It also delivered a hit of 6m at 1.34g/t gold, 223g/t silver, 2.1 per cent zinc, 2.4 per cent lead, 0.3 per cent copper and 41 per cent barite from 298m.

“The latest drill results continue to extend the known mineralisation at Rupice and provide valuable information needed to continue to assess the structural controls inherent in this world class deposit,” managing director Paul Cronin said.

This has prompted the company to mobilise four rigs to follow-up on the result and chase mineralisation at the Jurasevac-Brestic prospect, as well as start exploration drilling at the Veovača satellite prospect.

Adriatic was up 3.76 per cent this morning.

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In other ASX base metals news today:

Xanadu Mines (ASX:XAM) is funded to continue exploration at its flagship Kharmagtai copper-gold project in Mongolia after raising $2.5m through a share placement priced at 3.3c per share. The shares will be issued to Precious Capital Gold Mining & Metals Fund, which will have a 9.9 per cent stake in the company.